Third Point Reinsurance Ltd (NYSE:TPRE) Sees Large Increase in Short Interest

Third Point Reinsurance Ltd (NYSE:TPRE) was the target of a large increase in short interest during the month of July. As of July 31st, there was short interest totalling 1,085,100 shares, an increase of 14.9% from the June 30th total of 944,600 shares. Currently, 1.5% of the company’s stock are sold short. Based on an average daily trading volume, of 523,900 shares, the days-to-cover ratio is currently 2.1 days.

Shares of Third Point Reinsurance stock traded up $0.02 during trading on Thursday, hitting $9.60. 8,459 shares of the stock traded hands, compared to its average volume of 493,552. The business’s fifty day moving average is $10.22. The company has a current ratio of 0.79, a quick ratio of 0.79 and a debt-to-equity ratio of 0.08. Third Point Reinsurance has a twelve month low of $8.85 and a twelve month high of $13.70. The company has a market capitalization of $908.43 million, a PE ratio of -2.94, a P/E/G ratio of 0.22 and a beta of 1.07.

Third Point Reinsurance (NYSE:TPRE) last issued its quarterly earnings data on Wednesday, August 7th. The insurance provider reported $0.57 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.68 by ($0.11). The company had revenue of $214.58 million during the quarter. As a group, analysts forecast that Third Point Reinsurance will post 3.05 earnings per share for the current fiscal year.

Several hedge funds have recently modified their holdings of the stock. Piedmont Investment Advisors Inc. raised its stake in shares of Third Point Reinsurance by 5.0% in the 1st quarter. Piedmont Investment Advisors Inc. now owns 18,704 shares of the insurance provider’s stock valued at $194,000 after acquiring an additional 896 shares in the last quarter. Rhumbline Advisers increased its position in Third Point Reinsurance by 0.4% in the 1st quarter. Rhumbline Advisers now owns 216,573 shares of the insurance provider’s stock worth $2,248,000 after buying an additional 965 shares during the period. Legal & General Group Plc increased its position in Third Point Reinsurance by 0.7% in the 4th quarter. Legal & General Group Plc now owns 188,547 shares of the insurance provider’s stock worth $1,811,000 after buying an additional 1,269 shares during the period. Arizona State Retirement System increased its position in Third Point Reinsurance by 1.3% in the 2nd quarter. Arizona State Retirement System now owns 115,552 shares of the insurance provider’s stock worth $1,192,000 after buying an additional 1,435 shares during the period. Finally, Texas Permanent School Fund increased its position in Third Point Reinsurance by 3.2% in the 1st quarter. Texas Permanent School Fund now owns 50,228 shares of the insurance provider’s stock worth $521,000 after buying an additional 1,545 shares during the period. 66.80% of the stock is currently owned by institutional investors and hedge funds.

Several equities research analysts have recently issued reports on TPRE shares. TheStreet upgraded Third Point Reinsurance from a “d+” rating to a “c-” rating in a report on Tuesday, May 14th. Zacks Investment Research lowered Third Point Reinsurance from a “buy” rating to a “hold” rating in a report on Saturday, July 13th. Finally, ValuEngine upgraded Third Point Reinsurance from a “buy” rating to a “strong-buy” rating in a report on Thursday, August 8th.

Third Point Reinsurance Company Profile

Third Point Reinsurance Ltd., through its subsidiaries, provides specialty property and casualty reinsurance products to insurance and reinsurance companies worldwide. It underwrites homeowners' and commercial, workers' compensation, personal automobile, mortgage, and multi-line reinsurance products; professional, transactional, and general liability reinsurance products; and marine, travel, and extended warranty reinsurance products.

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